Last week, respected economists came together to announce what many already know: that the United States has been in a recession since the beginning of 2008. We have all seen the signs for months - spiking foreclosures, the highest unemployment in 15 years, bank failures, and unprecedented declines in the stock market. And now at risk is the viability of the American automobile industry. I urge you to support immediate federal bridge loans to the three domestic auto manufacturers, whose survival is critical to prevent further economic collapse.

As you know, General Motors, Ford, and Chrysler account for one in ten jobs nationwide, including 34,000 jobs in our state. This includes those who work in vehicle assembly plants, for their suppliers and in their dealerships, as well as other jobs that depend on the presence of the American automobile industry. Earlier this month, the Center for Automotive Research reported that up to three million jobs nationwide could be lost in the first year alone if these companies fall into bankruptcy. This would result a loss in $150 billion in personal income in the first year, as well as a significant increase in transfer payments and large losses in personal income tax receipts, which would add to the budget problems for both states and the federal government.

To avoid the consequences described above, I urge you and your colleagues in Congress to act immediately to provide an emergency bridge loan to the domestic auto manufacturers. It is imperative that consensus is reached to prevent the collapse of this industry, just as it was with respect to financial institutions. The ripple effects of the industry's collapse would certainly have negative effects for all Americans.